ALBA ( Bolivia, Cuba, Ecuador, Honduras, Nicaragua, Venezuela, Dominica, Antigua and Barbuda, and Saint Vincent and the Grenadines) members to debate about the Sucre in Managua

Caracas, The countries that constitute the Bolivarian Alliance for the People of our America (ALBA) will debate on Wednesday in Managua, Nicaragua’s capital city, about the Unified System for Regional Compensation (Sucre, for Spanish abbreviation).

The Sucre will work as a kind of virtual currency for the commercial exchange between the nations that constitute the cooperation bloc.

During the encounter, there will be dealt issues such as the export surplus of the nine countries that make up the ALBA: Bolivia, Cuba, Ecuador, Honduras, Nicaragua, Venezuela, Dominica, Antigua and Barbuda, and Saint Vincent and the Grenadines.

Moreover, the member countries will tackle with the issue of potential surplus and import requirements of each of them so as to create a data base.

The common currency was approved during a meeting carried out last April in Venezuela, during which was also accepted the general regulation to implement a Central Chamber for Compensation, a Regional Currency Committee and a Fund for Reserves and Commercial Convergence.

The Venezuelan President Hugo Chavez Frias defined the agreement of the Unified System as the “first specific economic and financial element for the building of a regional space.”

On the other hand, the Venezuelan minister of Economics and Finances, Ali Rodriguez, expressed that the unified currency is the foundation stone for agreements that start to be proposed in other areas, such as the case of Russia and China, aiming at creating a new financial architecture in the world.

The implementation of the Sucre does not mean that there will circulate a new physical currency, but that it will be a way of electronic exchange so as to ease the transactions among the member countries.

To the encounter, which starts on Wednesday, take part representatives from all the countries that make up the ALBA.

The Venezuelan delegation is headed by the Commerce Minister Eduardo Saman and he will be joined, among others, by the vice minister of foreign trade, Yamercy La Rosa.

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